magazine archive
magazine archive
Investment Trusts
Have JPMorgan Global Core Real Assets shareholders jumped the gun?
Thursday 12 Sep 2024Recent years have been dire for shareholders in long-duration assets, with rising interest rates driving a de-rating of high-yielding alternatives trusts including infrastructure and real estate-focused funds to deep NAV (net asset value) discounts. But there is now potential for significant re-...
Is bigger better when it comes to investment trusts?
Thursday 05 Sep 2024Eight months in, 2024 is already a record year for M&A (mergers and acquisitions) in the investment trust sector. Trust boards are increasingly focused on value for money and shareholder returns amid persistently wide discounts to NAV (net asset value) and with activists nosing around. A major...
Alliance Trust to absorb Witan in blockbuster £5 billion deal
Thursday 04 Jul 2024Two of the biggest investment trusts are combining in the sector’s largest-ever merger, with Witan (WTAN) to be rolled into Alliance Trust (ATST) in a mega-deal expected to complete later this year. The combination of these two FTSE 250 constituents will create ‘Alliance Witan’, an investment trust...
Using a private equity approach to public markets
Thursday 20 Jun 2024There are several fund managers who run extremely concentrated portfolios with the aim of having meaningful stakes in companies allowing them to actively influence and support management. This strategy is broadly akin to that of a private equity investor putting money into an unlisted firm. The...
Revealed: the rare investment trusts trading for more than their assets are worth
Thursday 16 May 2024Discounts and premiums to NAV (net asset value), which is the value of all the investments an investment trust holds minus any debt or loans, are among the trust universe’s unique quirks and can confuse novice investors. At the moment the vast majority of trusts trade at a discount. Annabel Brodie-...
Meet the newest addition to Alliance Trust’s roster of managers
Thursday 25 Apr 2024Popular investment vehicle Alliance Trust (ATST) has announced a modest but meaningful shake-up of its portfolio. The FTSE 250 constituent invests in global equities across a range of industries and sectors through a ‘manager of managers’ approach. Following an overhaul in 2017, the trust gives...
Wealth preserver Ruffer had a really bad 2023 – is this just a blip?
Thursday 04 Apr 2024Capital preservation funds are positioned to help investors avoid large losses while growing their wealth too, albeit more slowly than more risk-tolerant funds. In the investment trusts patch, the three main wealth preservers are Ruffer Investment Company (RICA) , Capital Gearing Trust (CGT) and...
Why City of London is so popular with investors
Thursday 14 Mar 2024One of the most popular investment trusts with AJ Bell’s ISA millionaires, City of London (CTY) is a favourite with investors seeking long-term income and capital growth and a gateway to large international companies. However, while the long-run performance record is strong, Curtis’ cautious...
No relief in sight for beleaguered Finsbury Growth & Income so far in 2024
Thursday 22 Feb 2024By his own admission, Nick Train, manager of Finsbury Growth & Income (FGT) , isn’t one for nostalgia, whether that is reflecting on past glories or the ‘melancholy fact’ as he puts it that the popular investment trust has underperformed the FTSE All-Share index for the last three years. Moving...
What to do if your investment trust merges or shuts
Thursday 01 Feb 2024In 2023 we saw a wave of corporate activity in the investment trust sector, dominated by mergers and closures. Eight companies closed their doors, while four mergers took place, with a further four announced that are due to take place this year, according to the Association of Investment Companies...